The demand for advanced healthcare technology to improve patient care services is expected to drive the AMEA hospital equipment and supplies market
Medical equipment and supplies used in hospitals have a significant impact on the quality of healthcare delivered to patients. These equipment and supplies account for a high proportion of healthcare expenditure. Therefore, hospitals prioritize the purchase of medical equipment and supplies as they play a critical role in the diagnosis and treatment of diseases. Hospital equipment and supplies majorly include capital equipment, general medical devices, supplies, consumables, and implants.
The demand for advanced healthcare technology to improve patient care services is expected to drive the AMEA hospital equipment and supplies market. Industry suppliers, medical device companies, IT vendors, and pharmaceutical manufacturers are partnering with public and private sectors to introduce outcome-based insurance models for expensive healthcare services. Further, the exponential growth in digital healthcare & telehealth services is driving the AMEA hospital equipment and supplies market. Digital technologies are supporting the healthcare sector, especially hospitals to shift to a new patient-centered care model and develop smart health approaches to increase access, improve quality, enhance affordability, and reduce cost.
The AMEA hospital equipment and supplies market has been witnessing a wide range of technological innovations and improvements. Also, vendors are focusing on developing new technological platforms to improve and enhance the treatment outcome. The AMEA hospital equipment and supplies market is expected to reach $102 billion by 2024, growing at a CAGR of more than 9% during 2018-202
AMEA HOSPITAL EQUIPMENT AND SUPPLIES MARKET: DYNAMICS
The development of advanced POC devices has enabled professionals to perform accurate diagnostic testing with reduced cost and time
The AMEA hospital equipment and supplies market is highly dynamic and fragmented due to the presence of several global, regional, and local players, offering a diverse range of hospital equipment and supplies. Vendors are focusing on developing innovative devices, incorporating new technological platforms, and improving the existing infrastructure to enhance treatment outcomes.
Med-tech companies are focusing on developing innovative medical products by investing a significant amount in R&D activities. For instance, manufacturers are introducing a wide range of advanced and innovative blood glucose monitoring devices with features such as inbuilt alert systems, wireless connectivity, data storage, and messaging options to evaluate the patient’s blood glucose levels regularly.
Similarly, IVD is another area, which has been witnessing the launch of innovative and compact point-of-care diagnostic analyzers and consumables in recent years. The development of advanced POC devices, benchtop diagnostic analyzers, and hand-held devices has enabled healthcare professionals to perform accurate diagnostic testing, shortening result time, and allowing direct billing. Thus, an increase in demand for technically sound medical devices is contributing to the growth of hospital equipment and supplies market.
AMEA HOSPITAL EQUIPMENT AND SUPPLIES MARKET: SEGMENTATION
This market research report includes a detailed segmentation of the market by
AMEA HOSPITAL EQUIPMENT AND SUPPLIES MARKET: PRODUCT
The increasing number of hospitals is likely to lead the demand for general medical devices and consumables
Capital equipment, general supplies and consumables, and implants are the three primary product types in the AMEA hospital equipment and supplies market. The capital equipment segment has captured more than one-third of the entire medical equipment market due to the increasing focus on effective management of medical conditions and the growing awareness about improvised care to patients. Also, the growing prevalence of several acute and chronic diseases is majorly contributing to the growth of the capital investment segment in AMEA. Leading healthcare industry vendors are focusing on introducing capital equipment with new capabilities and features, including automation.
General medical devices and consumables are the fastest-growing segments due to cost-effective procedures and availability of insurance facility. Further, hospitals are procuring medical supplies and consumables in bulk due to the increase in the patient inflow. In the last couple of years, the demand for general medical supplies and consumables such as bandage, wraps, rapid test kits, dialysis consumables, face mask, gloves, IV catheters, syringes, and many others has increased at a significant rate. Vendors are implementing several organic and inorganic growth strategies for geographical and product expansion.
AMEA HOSPITAL EQUIPMENT AND SUPPLIES MARKET: HOSPITAL
Government-funded UHC schemes in India, the UAE, and Saudi Arabia have the potential to increase hospitalization and healthcare expenditure in AMEA significantly
The AMEA hospital equipment and supplies market by hospital type is segmented into public and private owned. The public sector is prevailing and growing at a CAGR of around 8%. Governments in APAC & MEA countries are focusing on quality medical equipment and supplies manufacturing and improving the infrastructure of public hospitals. The introduction of government-funded UHC schemes in countries such as India, the UAE, Saudi Arabia and the enhancements in the existing UHC schemes in countries such as China, Thailand, Singapore, and Japan has the potential to increase hospitalizations and healthcare expenditure in the Asia-Pacific & MEA region significantly. For instance, the Government of Indonesia plans to cover all citizens under the National Health Insurance program by 2019.
Private hospitals, on the other hand, are well-equipped with sophisticated healthcare infrastructure. Also, foreign direct investments (FDI) in emerging countries to meet several healthcare service demands is growing at a reasonable rate in AMEA. For instance, the Department of Industrial Policy and Promotion, India witnessed a significant amount of FDI between April 2000 and June 2018. TPG and Dr. Ranjan Pal plan to invest in Manipal Hospital Enterprise. Medical tourism is also expected to boost revenues of private hospitals, thereby increasing the influence of private hospitals in AMEA in driving quality healthcare.
AMEA HOSPITAL EQUIPMENT AND SUPPLIES MARKET: GEOGRAPHY
Developing countries provide immense opportunities to new healthcare industry vendors, thereby boosting the hospital equipment and supplies market
The AMEA hospital equipment and supplies market by geography is classified into APAC and Middle East and Africa. The APAC region occupied more than half of the medical device market in 2018 and is expected to grow at a CAGR of close 10% during the forecast period. More than two-thirds of the cities with more than 10 million population are in the APAC region, and around 2 billion people will be in the consuming class by 2025. This is likely to lead an increase in healthcare expenditures in the coming years. China, India, Japan, Taiwan, South Korea, Singapore, and Australia are expected to offer immense opportunities for several start-ups to grow in the healthcare services and medical instruments industry.
The growing number of patients in MEA, increasing health insurance penetration, growing privatization of healthcare services, an increasing number of healthcare initiatives, and need to attract skilled healthcare providers have emerged as favorable conditions for the AMEA hospital equipment and supplies market. Saudi Arabia is the most dominating and largest revenue generator for the hospital equipment and supplies market in MEA. The MEA region, especially GCC countries, is likely to witness increased adoption of several quality and cost-effective medical technologies.
The Hospital Equipment and Supplies Market in Asia-Pacific and Middle-East Africa market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Capital equipment
- General supplies and consumables
- Public Hospitals
- Private Hospitals
- Saudi Arabia
- South Africa